Biden says inflation is top domestic priority, but Fed admits lack of progress

President Biden's administration is admitting there has been slow progress on combating inflation, despite years for Biden saying it is a "top priority."

"More recent data shows solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2% inflation goal," Powell said. Anders Hagstrom is a reporter with Fox News Digital covering national politics and major breaking news events. Send tips to Anders.Hagstrom@Fox.com, or on Twitter: @Hagstrom_Anders.

"The recent data have clearly not given us greater confidence, and instead indicate that it’s likely to take longer than expected to achieve that confidence," he added. "That said, we think policy is well positioned to handle the risks that we face."